# Table 1: Safe Sovereign Issuers (AA- or Above)

| Country | ISO3 | First Safe | Last Safe | Current (2024) | Rating (latest) |
|---------|------|-----------|-----------|----------------|-----------------|
| ARE | ARE | 2007 | 2024 | Yes | AA |
| AUS | AUS | 1990 | 2024 | Yes | AAA |
| AUT | AUT | 1990 | 2024 | Yes | AA+ |
| BEL | BEL | 1990 | 2024 | Yes | AA |
| CAN | CAN | 1990 | 2024 | Yes | AAA |
| CHE | CHE | 1990 | 2024 | Yes | AAA |
| CZE | CZE | 1990 | 2024 | Yes | AA |
| DEU | DEU | 1990 | 2024 | Yes | AAA |
| DNK | DNK | 1990 | 2024 | Yes | AAA |
| ESP | ESP | 1990 | 2012 | No | A+ |
| FIN | FIN | 1990 | 2024 | Yes | AA+ |
| FRA | FRA | 1990 | 2024 | Yes | AA |
| GBR | GBR | 1990 | 2024 | Yes | AA |
| HKG | HKG | 1990 | 2024 | Yes | AA+ |
| IRL | IRL | 1990 | 2024 | Yes | AA |
| ISR | ISR | 1990 | 2024 | Yes | AA+ |
| ITA | ITA | 1990 | 2004 | No | BBB |
| JPN | JPN | 1990 | 2015 | No | A+ |
| KOR | KOR | 1990 | 2024 | Yes | AA |
| KWT | KWT | 1990 | 2024 | Yes | AA |
| LUX | LUX | 1994 | 2024 | Yes | AAA |
| NLD | NLD | 1990 | 2024 | Yes | AAA |
| NOR | NOR | 1990 | 2024 | Yes | AAA |
| NZL | NZL | 1990 | 2024 | Yes | AA+ |
| QAT | QAT | 2003 | 2024 | Yes | AA |
| SAU | SAU | 2010 | 2016 | No | A+ |
| SGP | SGP | 1995 | 2024 | Yes | AAA |
| SWE | SWE | 1990 | 2024 | Yes | AAA |
| TWN | TWN | 1990 | 2024 | Yes | AA+ |
| USA | USA | 1990 | 2024 | Yes | AA+ |

*26 countries rated AA- or above as of 2024.*
*Source: S&P rating actions compiled from Kose et al. (World Bank) and public disclosures.*